The Mexican Economy by Enrique Cardenas;

Author:Enrique Cardenas;
Language: eng
Format: epub, pdf
Publisher: Lightning Source Inc. (Tier 3)
Published: 2022-06-15T00:00:00+00:00

4

Major components of the contemporary economy

At the beginning of the 1990s, Mexico underwent critical structural changes that responded to the previous decades’ recurrent crises. Despite the difficulties that arose in the middle of the decade, like the 1994–95 crisis, the government had made significant adjustments for deepening the social, political, and economic transformation begun the previous decade. Those reforms entailed creating economic and political institutions, strengthening judicial power, and economic reforms necessary for the long term. It is essential to consider that such changes occurred when the country was still facing high debt, inflation, and mistrust from the private sector.

In the international context, 1989 witnessed a year of political and economic events that were incredibly significant. The fall of the Berlin Wall marked a new economic reopening, the end of state interventionism, stable public finances, and the predominance of the market. At that moment, Mexico took significant measures: reopening of trade, privatization, and institution building. Simultaneously, the Washington Consensus appeared as a path that many countries were obligated to take. Mexico was a conspicuous example of a country on that path in the years that followed.

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